Hurricane Sandy May Impact Monthly Jobs Report

Considering Hurricane Sandy has impacted about one-fifth of Americans, according to ABC News, U.S. economic losses could range between $35 and 45 billion!

And as it may impact job seekers who are sidelined from interviews or freelancers who get paid by the gig and can’t seem to gig it due to damage, according to the report, there could perhaps be a jolt in employment activity for rebuilding efforts.

Granted, this may not exactly be in media but it will likely be in construction, telecommunications, etc.

As for the monthly job report, according to BusinessWeek, the Department of Labor is going to wait to assess the storm’s impact before releasing the October jobs report. The report itself is slated for release this Friday and will be the last one before the presidential election.

Right now, economists are predicting payrolls to increase by 125,000 employees this month and for the jobless rate to increase to 7.9 percent from 7.8 percent last month.

Labor Department spokesman Gary Steinberg said in an emailed statement: “We will assess the situation when the weather emergency is over and notify the press and public of any changes at that time.”

Publish date: October 30, 2012 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT